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Inverter, we have already discussed the $750k convertible note back in October (best- least dillutitative option, converts at 2c). And it is disingenuous of you to ignore the JV structure with South32 and the 70% earn in arrangement. But hey, you are just getting to know about this stock I suppose, so happy to help. AQD has been as high as 3.5c about a year ago, 3x current SP, (even taking into account the recent SP rise on great news). Obviously if they find lots of good stuff everyone's a winner. How many ASX stocks are there with a MC of $5m, JV with a well regarded major, great leases, and cash in the bank? Other less attractive ASX explorers have much worse prospects, high debt, and MC's of $30m or more. AQD is more like to re-rate on good news than others with higher valuations. But each to their own, I suppose it's higher risk than some, but also higher reward.